Oil giant Equinor posts profits ‘obscene’ as families struggle with energy bills

Climate campaigners have reacted with anger to the announcement of Equinor’s Q1 profits. Since the beginning of this year, the Norwegian state-owned oil and gas company has made £6 billion (US$7.5B) in profit, while energy bills remain sky high for households across the UK.

Equinor is the UK’s largest supplier of fossil gas and is set on continuing to develop new oil and gas infrastructure in the North Sea.

The company holds an 80% stake in the controversial Rosebank oil field, and is part of the dangerous plan to build a new gas burning power station at Peterhead in Aberdeenshire.

Friends of the Earth Scotland climate campaigner Alex Lee (they/them) commented,

“Equinor cannot continue to get away with raking in these obscene profits while people across Scotland are struggling to pay their heating bills. The fossil fuel giant is planning on expanding their polluting operations in Scotland without any care for the climate crisis or people’s lives.

“As the evidence of climate breakdown mounts up, giving the green light to companies like Equinor for decades more of drilling and burning oil and gas would be extremely reckless. Thanks to a loophole in the windfall tax, the company will receive a 91% tax break on all investments into new offshore fossil fuel developments, so the UK Government is essentially subsidising Equinor to continue polluting.”

“Instead of encouraging big polluters, both the Scottish and UK Governments should be investing in a fast and fair transition to renewable energy, with workers and communities’ needs at its heart. The climate emergency demands working climate solutions such as improved public transport, ensuring warm homes and renewable energy run in the public interest.”

ROSEBANK OIL FIELD

The Rosebank field was given government approval in September 2023 but has been met with widespread opposition from climate activists, scientists and politicians. Campaign group Uplift has launched a legal challenge against the UK Government for their approval of the field, which will be heard later this year.

NEW GAS AT PETERHEAD

Equinor also holds a stake in the proposed new gas burning power station in Peterhead. The site is home to an existing power station which has been Scotland’s biggest polluter for the last 5 years. The additional development will significantly increase emissions from the site and burn gas far beyond Scotland’s net zero target date of 2045. Campaigners also say that a new fossil fuel power station will prolong people’s reliance on volatile global gas markets for decades to come, worsening both the climate and cost of living crises.

Recent research into fossil fuel lobbying at the Scottish Parliament revealed that MSPs were lobbied by Equinor 28 times in the last 5 years.